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City approves two Can Do Performance Financing awards, totaling $425,000 to local businesses
Summary
Council approved two awards from the Can Do Performance Financing program: $125,000 to A & A Holdings (BKS Construction) and $300,000 to Maybridge Development, subject to incentive agreements and deliverables.
Fayetteville City Council approved two awards from the Can Do Performance Financing program on Monday, authorizing the Community Development Foundation to execute incentive agreements and release funds when project milestones are met.
Nut graf: The council approved awards for two local companies that advanced through a competitive review process: A & A Holdings (doing business as BKS Construction) for $125,000 and Maybridge Development for $300,000. The program is a capital-focused performance fund intended to grow jobs in targeted low-to-moderate income census tracts; awards are conditional on job-creation milestones and reporting.
Program background and approval City staff said the local program was launched with $5 million (a $2.5 million city contribution and a $2.5 million state grant) to provide performance-based capital financing to established small businesses that can create jobs. Applicants must be operating businesses with fewer than 15 employees and meet scoring criteria; awardees sign binding agreements that include performance milestones and repayment terms if targets are not met.
Council action Council approved the awards after a brief presentation by staff and testimony from the awardees. The motion authorized the Community Development Foundation to release funds subject to signed incentive agreements and project deliverables. Council approved both awards unanimously.
Quotes "We are currently, going on 5— years... we do a lot of work with the DPW and the MIP out at Fort Bragg. Our funding will be for purchasing new equipment," said Ashley Johnson of A & A Holdings/BKS Construction.
Ending: Staff said the awards will be held in restricted accounts and disbursed according to contract milestones. The city also announced upcoming informational sessions for future applicants.
